Moonshot AI has reportedly closed a $3.5 billion Series F round that values the Beijing-based company at $35 billion, roughly doubling the upper end of its original $1 billion to $2 billion fundraising target2,3.
The round, first reported by Bloomberg, marks one of the largest single private financings for a Chinese AI company1. The company's flagship product is the Kimi chatbot.
Moonshot AI is already preparing for a Series G round, according to one report4. Prior Vector Wire coverage noted that the company is planning a final pre-IPO funding round targeting a pre-money valuation of up to $50 billion, with talks expected to begin in August, ahead of a potential Hong Kong listing ctx. The current round's reported terms align with that trajectory: TechNode, citing Bloomberg, reported that Moonshot AI is preparing for another private round that could value it at up to $50 billion before a potential Hong Kong listing.
On the revenue side, Moonshot AI's annual recurring revenue reportedly rose from $100 million in March to $300 million in June. ANALYSIS A tripling of ARR in three months would represent the kind of commercial traction that typically supports aggressive valuation step-ups between funding rounds.
The $35 billion post-money valuation and the speed at which Series G discussions are reportedly underway suggest compressed fundraising timelines, consistent with the company's stated path toward a Hong Kong IPO.
The financing lands amid heightened U.S. scrutiny of Chinese AI companies. U.S. Treasury Secretary Scott Bessent recently said the Trump administration will investigate whether Chinese AI models have been distilled from American models, threatening sanctions if intellectual property theft is established ctx. ◆ Large capital raises by Chinese AI firms may draw additional attention from U.S. policymakers focused on the competitive dynamics between American and Chinese AI development.